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The promoters of Kavveri Telecom have made an open offer to buy 20 per cent equity capital shares in the firm at Rs 116.47 per share, according to the managers of the offer. The stock of Kavverri Telecom closed 0.80 per cent higher at Rs 114.05 on the BSE with 1.8 lakh shares changing hands.
Anand Rathi Advisors, on behalf of Mr C. Shivakumar Reddy, Mrs R.H. Kasturi and Ms C. Uma Reddy, has issued an announcement to the public shareholders of Kavveri Telecom Products Ltd, pursuant to and in compliance with SEBI regulations.
“This offer is being made by the acquirers to the public shareholders of the target company to acquire up to 28,13,796 fully paid-up equity shares of the face value of Rs 10 each… representing 20 per cent of the voting and paid-up equity share capital of the target company,” said the notification to the stock exchanges.
Till February 2, the promoter holding was 14.6 per cent. A preferential allotment of 40 lakh shares was made on February 2 taking their holding to 38 per cent.
The small-cap telecommunications equipment maker has an equity capital of Rs 10.07 crore. Face value of share is Rs. 10.
The open offer commences on February 18 and closes on April 18, Anand Rathi Advisors said in a notification to the stock exchanges.
Bangalore-based Kavveri Telecom is a provider of hardware and solutions to the telecom industry. Its range of products includes antennas, RF components, repeaters and cable components.
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